Ermenegildo Zegna (NYSE:ZGN) Rating Lowered to Hold at Wall Street Zen

Ermenegildo Zegna (NYSE:ZGN) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

A number of other research analysts have also recently commented on ZGN. UBS Group reaffirmed a “buy” rating and set a $14.50 price target on shares of Ermenegildo Zegna in a research report on Friday, May 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Ermenegildo Zegna in a report on Monday, April 20th. The Goldman Sachs Group lowered Ermenegildo Zegna from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $13.30 to $14.00 in a report on Wednesday. Finally, TD Cowen upgraded Ermenegildo Zegna from a “hold” rating to a “buy” rating and boosted their price objective for the company from $13.00 to $15.00 in a research note on Wednesday, May 20th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Ermenegildo Zegna presently has an average rating of “Moderate Buy” and a consensus price target of $12.68.

Ermenegildo Zegna Trading Up 0.2%

NYSE:ZGN opened at $13.89 on Friday. Ermenegildo Zegna has a 12 month low of $7.61 and a 12 month high of $15.44. The company has a quick ratio of 0.91, a current ratio of 1.59 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $13.15 and its 200 day moving average is $11.36.

Ermenegildo Zegna (NYSE:ZGN) last announced its quarterly earnings data on Friday, March 20th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.11). The business had revenue of $577.83 million during the quarter, compared to analyst estimates of $1.17 billion. Equities research analysts expect that Ermenegildo Zegna will post 0.44 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Alessandro Sartori sold 6,505 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $13.12, for a total value of $85,345.60. Following the sale, the director directly owned 142,237 shares of the company’s stock, valued at $1,866,149.44. This trade represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gian Franco Santhia sold 5,768 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $13.12, for a total transaction of $75,676.16. Following the completion of the sale, the chief financial officer directly owned 44,448 shares in the company, valued at $583,157.76. This represents a 11.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 31,378 shares of company stock worth $411,679. 1.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZGN. Temasek Holdings Private Ltd raised its position in Ermenegildo Zegna by 114.5% during the third quarter. Temasek Holdings Private Ltd now owns 27,242,276 shares of the company’s stock valued at $257,440,000 after purchasing an additional 14,542,295 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Ermenegildo Zegna in the 3rd quarter worth about $22,609,000. Amundi bought a new position in shares of Ermenegildo Zegna during the 1st quarter valued at about $10,686,000. Millennium Management LLC increased its position in shares of Ermenegildo Zegna by 182.8% during the 1st quarter. Millennium Management LLC now owns 1,149,055 shares of the company’s stock valued at $8,503,000 after purchasing an additional 742,680 shares during the last quarter. Finally, Geode Capital Management LLC bought a new position in shares of Ermenegildo Zegna during the 2nd quarter valued at about $6,245,000. 12.91% of the stock is currently owned by hedge funds and other institutional investors.

Ermenegildo Zegna Company Profile

Ermenegildo Zegna is a global luxury fashion house specializing in men’s tailored clothing, casualwear, accessories, footwear and fragrances. With a focus on high-quality fabrics and craftsmanship, the company manages the entire value chain from wool sourcing and textile production to garment design, manufacturing and retail distribution.

Founded in 1910 by Ermenegildo Zegna in Trivero, Italy, the company began as a textile mill dedicated to producing fine wool fabrics. Over the decades it expanded into ready-to-wear clothing and built a reputation for sartorial excellence.